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Step-by-step guide to buying a property in Dubai by Starling Properties
Make informed decisions and maximise your investment potential in this vibrant city
Buying a property in Dubai requires careful planning and adherence to legal procedures. To help you navigate the process successfully, here's a step-by-step guide by Starling Properties:
Research the Dubai real estate market
Before diving into the property hunt, conduct thorough research on the Dubai real estate market. Familiarise yourself with current property prices, popular neighbourhoods, and legal requirements for foreign buyers. This knowledge will inform your decisions throughout the process.
Property selection and viewing
Review property listings and select potential properties based on your preferences and budget. Visit these properties for in-person viewings to assess their location, amenities, size, and condition. This step will help you shortlist the properties that align with your requirements.
Conduct due diligence
Your property advisor will assist in verifying the legal status, ownership details, and any outstanding dues or liabilities of any property of interest. So it’s important to engage professional property advisors, to assist you in this process and ensure transparency.
Financing options
If you require financing, explore mortgage options available in Dubai. Contact local banks to understand their eligibility criteria, interest rates, and repayment terms. Determine the most suitable mortgage option for your financial situation and initiate the application process if necessary.
Sales agreement and deposit
Once you reach an agreement on price and terms, a 10 per cent security deposit needs to be held by your agent and a Form F needs to be signed by both the buyer and the seller. This is a legally binding document that outlines the terms and conditions of the sale.
Hire a conveyancing lawyer
Engage a qualified conveyancing lawyer experienced in Dubai property transactions. In most cases, the real estate company will have its own in-house conveyancer that will handle the legal aspects of the purchase, including conducting title searches, drafting and reviewing contracts, and verifying all necessary documents. Their expertise will safeguard your interests throughout the transaction.
Obtain no objection certificate (NOC)
Your real estate agent will apply with the seller for a No Objection Certificate (NOC) from the developer. This certificate confirms that there are no objections to the property transfer. It is typically issued once all outstanding service charges on the property are cleared.
Transfer of ownership
Your property advisor will arrange a meeting at one of the registered trustee offices to complete the ownership transfer. Your consultant will ensure you have all the required documents, including identification, NOC, signed sales agreement, and payment. During this meeting, the remaining balance and associated fees are paid to the seller, and the DLD registers the property in your name, issuing a new title deed.
Payment of pro-rata fees and registration
During this time, all pro-rata fees that must be paid to the seller will be done as per the signed contract. These pro-rata fees are related to rental fees and service charges. The DLD will process the property registration in your name and issue the new title deed, officially recognising you as the owner.
Handover and possession
Take possession of your new property and plan any necessary renovations or moving arrangements.
Post-purchase considerations
Consider obtaining property insurance to protect your investment from unforeseen circumstances. Also, ensure your agent explains to you the other related costs when purchasing a property here in Dubai besides the agreed price of the property you are purchasing.
Required documents for an individual buyer:
- Buyer’s passport
- Emirates ID (if a resident)
- Proof of address
- Contact Details
CEO Frank Vito's valuable tip for buyers at Starling Properties
As a CEO of a real estate company, here are some tips for buyers looking to invest in the Dubai real estate market. Firstly, conduct thorough research on the current market trends, including property prices, locations, and growth potential. Consider working with a reputable real estate agent who deeply understands the local market. Define your budget and stick to it, taking into account additional costs such as maintenance fees and service charges. Additionally, review the developer's track record and reputation before purchasing. Due diligence is crucial, so ensure all legal and financial aspects are correctly verified. These steps will help you make informed decisions and maximise your investment potential in this vibrant city.
For professional advice and to assist you through the process of purchasing a property here in Dubai, contact us at Starling Properties where our professional real estate advisors will help you navigate through the buying process.
For more information, call +971 52 850 7767 or email: info@starlingproperties.ae.
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